Quick Comparison
| Feature | Wealthsimple | EQ Bank |
|---|
| Savings rate | 3.75-4.00% | 4.00%+ |
| TFSA savings | Yes | Yes |
| RRSP savings | Yes | Yes |
| FHSA | Yes | Yes |
| Chequing account | Wealthsimple Cash (prepaid) | EQ Bank Personal Account |
| Self-directed investing | Yes (stocks, ETFs, options) | No |
| Robo-advisor | Yes | No |
| GICs | Yes | Yes (competitive rates) |
| Crypto trading | Yes | No |
| Tax filing | Yes (Wealthsimple Tax) | No |
| Monthly fees | $0 | $0 |
| E-Transfer | Yes (free) | Yes (free) |
| Bill payment | Yes | Yes |
| Joint accounts | Yes | Yes |
| Mobile app | Excellent | Very good |
| CDIC insured | Yes (through partner banks) | Yes (direct member) |
Savings Rates Comparison
| Account | Wealthsimple | EQ Bank |
|---|
| Regular savings | 3.75-4.00% | 4.00% |
| TFSA savings | 3.75-4.00% | 4.00% |
| RRSP savings | 3.75-4.00% | 4.00% |
| FHSA savings | 3.75-4.00% | 4.00% |
| Premium/boosted rate | Up to 4.00% (Wealthsimple Premium) | 4.00% (standard) |
| Minimum balance | $0 | $0 |
| Promotional rates | Occasional | Occasional |
GIC Rates Comparison
| Term | Wealthsimple | EQ Bank |
|---|
| 3 months | 3.00-3.50% | 3.25-3.75% |
| 6 months | 3.25-3.75% | 3.50-4.00% |
| 1 year | 3.75-4.25% | 4.00-4.50% |
| 2 years | 3.50-4.00% | 3.75-4.25% |
| 3 years | 3.50-4.00% | 3.75-4.15% |
| 5 years | 3.50-3.90% | 3.75-4.00% |
| TFSA GIC | Yes | Yes |
| RRSP GIC | Yes | Yes |
| Cashable option | Limited | 3-month cashable |
Rates change frequently. Check each provider for current rates.
Everyday Banking
| Feature | Wealthsimple Cash | EQ Bank Personal Account |
|---|
| Monthly fee | $0 | $0 |
| Interac e-Transfer (send) | Free, unlimited | Free, unlimited |
| Interac e-Transfer (receive) | Auto-deposit | Auto-deposit |
| Bill payments | Yes | Yes |
| Direct deposit | Yes | Yes |
| Debit card | Prepaid Visa card | Interac debit card |
| ATM withdrawals | Free (select network) | Free (select ATMs with card) |
| Cheque deposits | Mobile deposit | Mobile deposit |
| International transfers | Wise integration | Limited |
| Minimum balance | $0 | $0 |
Investing Comparison
| Feature | Wealthsimple | EQ Bank |
|---|
| Self-directed trading | Yes | No |
| Commission on stocks/ETFs | $0 (CAD), forex markup on US stocks | N/A |
| Robo-advisor | Yes (0.4-0.5% management fee) | No |
| Crypto trading | Yes (1.5-2% spread) | No |
| Options trading | Yes | No |
| Fractional shares | Yes | No |
| TFSA investing | Yes | GICs only |
| RRSP investing | Yes | GICs only |
| RESP investing | Yes | GICs only |
| FHSA investing | Yes | GICs only |
| Mutual funds | No | Yes (select) |
| US dollar account | Yes (USD RRSP, USD trading) | No |
Fees Comparison
| Fee | Wealthsimple | EQ Bank |
|---|
| Monthly account fee | $0 | $0 |
| Savings account | $0 | $0 |
| E-Transfer | $0 | $0 |
| Bill payment | $0 | $0 |
| Stock/ETF trading | $0 (CAD) | N/A |
| US stock trades | 1.5% fx fee (0% with Premium) | N/A |
| Robo-advisor | 0.4-0.5% of assets | N/A |
| Crypto | ~1.5-2% spread | N/A |
| GIC purchase | $0 | $0 |
| Account transfer out | $0 (usually) | $0 |
| NSF fee | N/A | $25 |
| Wealthsimple Premium | $0 with $100K+ or $10/month | N/A |
Wealthsimple Premium Benefits
| Benefit | Free Tier | Premium ($10/mo or $100K+ balance) |
|---|
| Savings rate | Standard | Enhanced (+0.25-0.50%) |
| USD trading fx fee | 1.5% | 0% |
| Instant deposits | $250 | $5,000 |
| Priority support | No | Yes |
| Tax filing | Free (basic) | Free (all features) |
| Financial planning | No | Yes |
Who Should Choose Wealthsimple?
| Profile | Why Wealthsimple |
|---|
| DIY investor | Free stock/ETF trading, no commissions |
| All-in-one seeker | Banking + investing + tax filing in one app |
| Crypto investor | Only major Canadian platform with integrated crypto |
| Younger investors | Modern app, fractional shares, low minimums |
| Tax filer | Wealthsimple Tax is free and excellent |
| TFSA/RRSP investor | Self-directed investing in registered accounts |
Who Should Choose EQ Bank?
| Profile | Why EQ Bank |
|---|
| Savings maximizer | Consistently top savings rates |
| GIC buyer | Competitive GIC rates, easy to use |
| Everyday banker | Full-featured chequing + savings |
| Conservative saver | Don’t need investing, want high HISA rates |
| Joint account holders | Robust joint account offering |
| Mortgage seeker | EQ Bank offers competitive mortgage rates |
Use Both Together (Most Popular Strategy)
| Purpose | Best Choice |
|---|
| Emergency fund (HISA) | EQ Bank (higher savings rate) |
| Self-directed investing (TFSA, RRSP) | Wealthsimple |
| Tax filing | Wealthsimple Tax |
| Daily spending account | Either (EQ has better debit) |
| GICs | EQ Bank |
| Crypto | Wealthsimple |
| Long-term TFSA savings | EQ Bank (HISA) or Wealthsimple (invested) |
Security and Insurance
| Factor | Wealthsimple | EQ Bank |
|---|
| CDIC deposit insurance | Yes (via partner banks) | Yes (direct member) |
| CIPF investment protection | Yes (up to $1M) | N/A |
| Two-factor authentication | Yes | Yes |
| Biometric login | Yes | Yes |
| Regulated by | CIRO, provincial securities | OSFI (federal) |
| Bank charter | Not a bank (uses partner banks) | Schedule I bank |